A bill to amend section 280A of the Internal Revenue Code of 1954 with respect to rentals of dwelling units to family members, and for other purposes.

Summary

Amends the Internal Revenue Code to permit investors in residential rental property to claim business expense tax deductions with respect to dwelling units rented to any individual, including family members, if such units are rented at a fair market rental. Permits rentals pursuant to shared equity agreements. Defines "shared equity agreements" as agreements between two or more individuals in which such individuals acquire certain ownership interests in the property and one individual rents the property as his principal residence at a fair market rental. Extends until 1984 the application of the net operating loss rules added by the Tax Reform Act of 1976.

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Timeline

1. 5 November 1981

   Referred

   Referred to Subcommittee on Select Revenue Measures.

   Source: Committee

2. 5 November 1981

   Introduced

   Referred to House Committee on Ways and Means.

   Source: IntroReferral

3. 5 November 1981

   Introduced

   Introduced in House

   Source: IntroReferral

4. 5 November 1981

   Introduced

   Introduced in House

   Source: IntroReferral

5. 13 November 1981

   Committee

   Other Measure H.R.4961 Forwarded by Subcommittee to Full Committee in Lieu.

   Source: Committee

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

• Introduced in House

  summary · EN · 5 November 1981

  Open at official source

Sponsors

• Rep. Stark, Fortney Pete [D-CA-13] · D · Sponsor
• Rep. Duncan, John J. [R-TN-2] · R · Sponsor
• · hswm00 · Standing

Related records

• related to → A bill to amend the Internal Revenue Code of 1954 to provide that certain rentals to members of the taxpayer's family will not be treated as personal use by the taxpayer for purposes of the disallowance of certain expenses in connection with the business use of homes, rental of vacation homes, etc.
• related to → A bill to amend the Tax Reform Act of 1976 to postpone the effective dates of "the family rental tax".
• related to → A bill to amend the Internal Revenue Code of 1954 to repeal the Family Rental Tax.
• related to → A bill to repeal the family rental home business tax; to amend the Internal Revenue Code of 1954 with respect to the deduction of certain expenses in connection with the business use of homes and the rental of residences to family members, and for other purposes.
• related to → A bill to amend the Internal Revenue Code of 1954 with respect to the deduction, by certain financial institutions, of interest paid on deposits of public funds where those deposits are secured by tax-exempt obligations.
• related to → A bill to amend the Internal Revenue Code of 1954 with respect to the deduction of certain expenses in connection with the business use of homes and the rental of residences to family members.
• related to → A bill to amend the Internal Revenue Code of 1954 to provide that the limitations of section 280A will not apply to rentals under shared equity financing arrangements.
• related to ← Tax Equity and Fiscal Responsibility Act of 1982